Soybeans posted Friday gains of 6 to 10 cents in the nearby contracts, as May was up 17 ½ cents on the week. November was up 13 ¼ cents on the week. The cmdtyView national average Cash Bean price was up 9 1/4 cents at $10.94. Soymeal futures were steady to $2.10 lower in the front months, as May was $6.70 higher on the week. Soy Oil futures were firm to 9 points higher in the nearbys, with May rallying 255 points this week.
The average close for November soybean futures was $11.09 in February, up 55 cents from last year’s spring soybean crop insurance price.
Managed money added another 20,591 contracts to their net long position as of 2/24, taking the position to 184,202 contracts according to CFTC data released on Friday.
USDA’s Export Sales report for the week of February 19 brought the total soybean export commitment total to 35.65 MMT, a decline of 19% from the same period last year. That is now 83% of the USDA export estimate and behind the 91% average pace.
USDA’s Fats & Oils report will be out on Monday, with traders looking for January crush to total 226.3 million bushels
Brazil’s Safras & Mercado estimates the Brazilian soybean crop at 177.72 MMT, a drop of 1.36 MMT from the previous number. Rabobank estimates the crop at 181 MMT, up 2 MMT from their prior number.
Mar 26 Soybeans closed at $11.57 1/4, up 9 1/2 cents,
Nearby Cash was $10.94, up 9 1/4 cents,
May 26 Soybeans closed at $11.70 3/4, up 7 1/4 cents,
Jul 26 Soybeans closed at $11.82 3/4, up 6 1/2 cents,
